A new list of the world’s most valuable brands is out, and China has claimed two of the top spots for the first time. Alibaba has joined the top 10, alongside Chinese tech group Tencent.
Ranked at No. 9., Alibaba has seen its brand value nearly double to $113 billion as the e-commerce company has expanded further into fields such as mobile payments and cloud computing.
Shenzhen-based Tencent broke into the annual BrandZ top 10 ranking in 2017 and has gone from strength to strength over the past year. It now holds fifth place with a brand value of $179 billion, up 65% compared to last year. Tencent specializes in online games, apps, instant messaging services and online payments.
Here’s the list of the top 10 Tech brands:
Doreen Wang, the head of BrandZ, said the new ranking demonstrates that Tencent and Alibaba have overcome numerous China-specific hurdles to become global powerhouses.
Google has been at the top of the ranking for eight of the past 12 years. Its brand is currently valued at $302 billion, up 23% from last year.
Alibaba is gaining ground in Brazil, Chile and other Latin American countries, where its online marketplace AliExpress “is rapidly becoming the leading e-commerce platform while Tencent has been gaining greater recognition in south Asian markets such as Thailand and Singapore.
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